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The top 5 demons of a business owner and how to overcome them

The top 5 demons of a business owner and how to overcome them 41

What does it take to be successful in business? Why do some people succeed in business, while others stutter, stumble and fail? Successful entrepreneurs come in all forms, shapes and sizes. They don’t particularly fall into any specific categories that make them special. That’s why a healthy, strong and positive mindset is the most powerful asset a business owner will ever have. Successful entrepreneurs will always find a way to beat their inner demons so they can thrive.

Simac Konkader, expert business coach at ActionCOACH Slough, spent 20 years of his career in corporate consultancy, transforming teams and implementing effective systems. He is now passionate about paying back to others in his community. In April 2021, he launched ActionCOACH Slough, providing business coaching to those from Slough to Belsize and the surrounding areas. Simac has recognised the potential when teams are coached to be at their very best and is determined to make his own mark on the prosperity of local business

Simac wants to share the top 5 demons business owners face and how they can overcome them:

Fear – Fear exists because of failure. The less we know about the outcome of something, the more afraid we are. That’s why the fear of failure is the biggest fear of all when it comes to starting a business or when you are in the middle of a major challenge in a well-established business. Successful entrepreneurs get afraid, but they don’t let the fear stop them. When you’re bold and take positive action in the face of fear, you put yourself in control of the situation and fear will almost always take a backseat. Ever heard “if you fail to plan, you plan to fail”? Setting goals and planning can help to stave off your fears.

Perfectionism – When it comes to business and entrepreneurship, getting started is always better than being perfect. Most people want to have all boxes ticked before they start a business. They want to raise enough capital to rent an office, hire staff and build a great looking website. They want to start at the perfect time and want to start big, or not start at all. There will never be a perfect time to start a business – the key to defeating perfection is to start where you are, use what you have and do what you can.

Lack of belief – You must have a strong and positive mindset to survive the stormy seas of business ownership. A strong belief in the vision and potential of your business is one of the key things investors will look for before they invest their money, while customers will look at whether your values fit with theirs before buying from you. Set out your vision, mission and values for your business from the outset and let them guide you on your path to growth.

Procrastination – Procrastination will rob you of a resource that you can never replace – time lost can never be regained. Procrastination makes you feel like you have a lot of time, which is why we continue to delay, defer, postpone and avoid taking action on our business dreams. There are two main reasons for procrastination – we are afraid to take action and we are stuck in our comfort zone. Because we don’t want to confront our fears, we simply avoid the decision or action and push it forward into the future. The key to defeating procrastination is to always have a sense of urgency. If you have a non-negotiable goal, you can avoid procrastination.

Indecisiveness – Often business owners will put off making tough decisions. The best way to deal with tough decisions is to seek advice from a trusted advisor (who’s also an expert in your area), review your options and then listen to your ‘gut’ to make your move. Once you’ve made your educated decision, move on it as quickly as possible with complete confidence. You won’t always make the right decisions, but you can have peace of mind knowing you made the best decision possible with the information you had available. The life of a business owner can be a lonely one without a mentor or coach as a trusted sounding board.

Simac will be helping business owners through his new MM10CLUB – a new programme guaranteed to make 10 business owners multi-millionaires within 10 years. To find out more about the MM10CLUB, please visit https://slough.actioncoach.co.uk/programmes/mm10club/

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